The Supreme Court on Tuesday asked Sahara Group's chief Subrata Roy to deposit Rs 1,500 crore with market regulator Sebi (Securities and Exchange Board of India) and directed the Bombay High Court liquidator to start the process of selling Sahara's Aamby Valley property. In its previous hearing, the apex court had asked Mr Roy to deposit Rs. 552 crore, of which the Sahara chief was unable to deposit Rs 305 crore by the July 15 deadline.

The Supreme Court also gave Sahara till September 7 to deposit the Rs 1,500 crore. Sahara's chief lawyer Kapil Sibal opposed auctioning process and sought time of 18 months to pay the balance of around Rs 9,000 crore towards principal.

A three-judge bench of the apex court, headed by Justice Dipak Misra, extended to October 10 the parole granted to Mr Roy. The court had granted Mr Roy a four-week parole on May 6, 2016 to attend his mother's funeral. Ever since, the court has extended his parole.

The bench fixed the matter for further hearing on September 11.

Mr Roy had earlier told the court that he will pay Rs 1,500 crore on or before June 15 and Rs 552.22 crore exactly a month thereafter, according to news agency Press Trust of India.

Mr Roy was arrested in March 2014 for the failure of two Sahara group companies - Sahara India Real Estate Corporation Ltd and (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's 2012 order to return Rs 24,000 crore to their investors. Sahara, which has businesses ranging from property to insurance, had been ordered to deposit the funds as part of a court order that it refund the sum with interest raised from millions of small investors in a bond selling scheme which was later deemed illegal by Sebi.